Pharmaceutical Analytical Testing Services Market Procurement Research – Market Trends and Spend Analysis by SpendEdge

Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Pharmaceutical Analytical Testing Services Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the pharma and healthcare industry. This report breaks down the data and analysis behind the procurement of pharmaceutical analytical testing services and acts as an all-inclusive guide for making smart purchasing decisions.

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Global Pharmaceutical Analytical Testing Services Procurement Market Intelligence Report (Graphic: Business Wire)

“The demand for pharmaceutical analytical testing services is driven by the increasing stringency of the regulatory framework, rising costs of drug development, and the growing focus of pharmaceutical companies toward the development of drugs for new therapeutic areas,” says SpendEdge procurement analyst A Kowshik. “The increase in demand for generics and biologics due to the rising healthcare costs around the world has further motivated global pharmaceutical companies to increase their geographical presence,” added Kowshik.

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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Pharmaceutical Analytical Testing Services Market:

• The rising demand for analytical testing services from nutraceuticals industry.
• The increase in technological advancements in analytical testing equipment.
• Increasing adoption of FTE-based contracts.

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The rising demand for analytical testing services from nutraceuticals industry:

The increase in regulations for nutraceutical manufacturing companies by regulatory bodies such as US FDA has led to the rise in demand for pharmaceutical analytical testing services. The regulatory authorities demand the nutraceutical manufacturers to get their raw materials tested to ensure the quality and to conduct release testing for their products. This has led to the emergence of nutraceuticals industry as an active consumer of these services. Moreover, it helps the buyers to avoid implications for non-compliance and to meet the regulatory requirements.

The increase in technological advancements in analytical testing equipment:

Due to the increase in pressure from the buyers to reduce testing time for the drug ingredients the suppliers prefer developing and using advanced equipment for drug testing. The adoption of technology increases the accuracy and reliability of different analytical techniques. Also, this eliminates the need for performing multiple trials of the same test, due to the high accuracy of test results.

Increasing adoption of FTE-based contracts:

FTE-based contracts enable both the supplier and the client to manage the resources relevant to the project, compared with a conventional contract in which the supplier is solely responsible for managing the resources. Employing a dedicated team for the project enables the buyers to accommodate changes in the project related to the scope of work, priorities, and project timelines. Moreover, an FTE agreement ensures high efficiency and quick turnaround time.

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